Bonds issued by an authority may be sold at a private sale without notice or at public sale held after a notice has been published at least five days prior to the sale in a newspaper having a general circulation in the city or county, as the case may be. Bond issues sold at private sale must bear interest at a rate or rates and be sold at a price resulting in an average net interest cost not exceeding twelve percent per annum. There is no interest rate ceiling on issues sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. The bonds may not be sold for less than ninety-eight percent of par.
23-11-23. Bonds - Validity when officer who signs bond is no longer in office - Deemed issued for housing project. If any of the commissioners or officers of an authority whose signatures appear on any bonds or coupons cease to be a commissioner or officer before the delivery of the bonds, the signatures are valid and sufficient for all purposes the same as if the commissioner or officer had remained in office until the delivery had been completed. Any bonds issued under this chapter must be fully negotiable. In an action, suit, or proceeding involving the validity or enforceability of any bond of an authority or of the security for the bond, the bond must be deemed conclusively to have been issued for a housing project if the bond recites that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low or moderate income. The project is planned, located, and constructed in accordance with this chapter if this statement is contained in the bond.